May 2011 Financial News

ECGP project in advanced stages of development

May 09, 2011

THERE appears to be some progress with respect to the long mooted Eastern Caribbean Gas Pipeline (ECGP), at least from the Trinidad and Tobago end.

Arthur Lok Jack, Chairman of Guardian Holdings Limited and Jeffrey Mack, Group CEO of the company, said the project is at advanced stages of development. “All major contracts necessary to deliver natural gas from Trinidad and Tobago to Barbados have been agreed,” the two men said while discussing projects which GHL, a leading Caribbean insurance company is directly involved.

For years, Trinidad and Barbados, and in particular Light and Power Holdings Limited have been attempting to fast track the project which would see natural gas being piped from Trinidad and Tobago to Barbados and a number of other Eastern Caribbean islands.

The natural gas which is cheaper to fuel oil is required to help generate electricity in Barbados and in the process lower the cost of electricity to consumers.

The ECGP is one of two main developmental projects within the Strategic Alternative Investment segments highlighted by the two GHL officials.

The other is the Pointe Simon Waterfront project involving Martinique and scheduled for completion by the end of this year. (JB)


Source:
Barbados Advocate
Monday May 9, 2011

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=17458